CPO futures raced to hit an all-time high of RM4786 on the most active month December contract on intraday trading today drawing support from a surge in Brent crude oil prices which hit a fresh 3 year high to US$81.26/barrel. Benchmark December contract year-to-date CPO prices have been sustained at 56% higher than the same time last year on an average basis and look poised to end the year in that way. The most liquid contract closed up 159 points at RM4742, marking a new high. The third record high prices from 12th of May this year.
For more analysis please subscribe or get a free trial info@palmoilanalytics.com